“Successful Nigerian businesses are few because of poor financial literacy” – ACCA

“Successful Nigerian businesses are few because of poor financial literacy” – ACCA

ENTERPRISE54 – The Head of ACCA Nigeria, Mrs Oluwatoyin Ademola has said that most Nigerian SME businesses fail despite the various initiatives by the federal government to reposition the sector. She stated this during the 2014 ACCA Student Colloquium held in Lagos at the weekend citing lack of basic financial skills of entrepreneurs as one

ENTERPRISE54 – The Head of ACCA Nigeria, Mrs Oluwatoyin Ademola has said that most Nigerian SME businesses fail despite the various initiatives by the federal government to reposition the sector.

She stated this during the 2014 ACCA Student Colloquium held in Lagos at the weekend citing lack of basic financial skills of entrepreneurs as one of the primary reasons.

“The major reason there is poor SME growth in Nigeria is due to lack of understanding of basic finance. There is no organization or firm that does not need the services of an accountant even on part time basis. Some of them want to make profit but they don’t have somebody to teach them,” she said.

Mrs Ademola used the opportunity to invite small and medium business entrepreneurs to arm themselves with ACCA’s various skill acquisition packages, including rudimentary financial training, to enhance their operations.

She furthered: “We link our members to the SME sector so you can have somebody look at your books so that your business can grow.”

 

 

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